Here's my scenario:

Leased a 2004 6MT in October 2004. My lease is up in Jan 2008 (14 more payments.) My lease payoff if I buy the car right now is $19K and some change.

Does this sound like a good deal? I've only got 18K miles on it, and I've taken great care of it. There's a small scratch on the rear bumper, and I curbed the right front wheel just a bit. Other than that, it is cherry. I figure my monthly payment would be similar if I get a loan on the purchase. Plus I could avoid end of lease fees, etc.

I'd love to hear from some of the experts here! What is an '04 in nice condition and 18K miles going for anyhow? Thanks for the help.

 

Any particular reason you want to buy it out now?

Under lease, if the car is damaged in an accident (say, one that costs $$$ to repair but not enough for the insurance to write it off), as long as you have the repairs done by a shop that is acceptable to Acura, you will not have to bear the burden of the decreased value of the car should you not want to keep it after the accident.

If you put away the difference between the lease payment and the purchase payment monthly and let it grow interest, you could also buy it out easily when the lease is up.

After having our purchased Camry smashed by a teenager and being left with a decreased value because of that, I prefer to lease now, especially with an expensive car. At least I am protected during the initial years of the car, when its depreciation potential is greatest.

 

Also, look at the current interest rate of your lease versus what the rate would be with financing through a bank loan.

 

okay first of all leases dont have interest rates. There called money factors and are calculated differently than rates. second of all your car is worth about $20,000 at best. If you buy it out you will have to pay sales tax. What I would do is either wait till the end of your term and trade it in for another acura or honda or sell it privately and you will avoid over milleage and any damage fees to the car but if there is damage to the car your trade in value will go down. If you want trade it in for a new acura, now!!! Get a 06 for about $25,000 for a non navigation and $27,000 for a navigation.